April 22, 2009 / 11:49 AM / 10 years ago

CORRECTED - UPDATE 2-St Jude net earnings rise 14 percent

(Corrects headline and first paragraph to show a 14 percent rise; changes year-ago quarterly net to $176.6 million in second paragraph)

* Q1 EPS 58 cts, matching Wall St view

* Q1 sales jump 12 pct

* Sees 2009 net EPS at $2.48-$2.54; Q2 at 62-64 cents (Adds details, outlook, closing share price)

CHICAGO, April 22 (Reuters) - Medical devices maker St. Jude Medical Inc STJ.N posted a 14 percent rise in net quarterly earnings, boosted by share gains in some key markets.

First-quarter net earnings were $201.3 million, or 58 cents per share, compared with $176.6 million, or 50 cents per share, a year earlier, the company said on Wednesday.

The results were in line with analysts’ average forecast, according to Reuters Estimates.

Adjusted profit rose 10 percent.

Sales rose 12 percent to $1.13 billion.

Chief Executive Dan Starks called St. Jude’s markets “remarkably stable” and reaffirmed the company’s outlook for the full year.

Sales of cardiac rhythm management products rose 7 percent to $676 million; excluding the negative impact of foreign currency, the rise was 12 percent.

Sales of implantable cardioverter defibrillators, known as ICDs, rose 9 percent to $394 million; excluding the impact of foreign currency, the rise was 14 percent.

St. Jude backed its previous forecast, calling for second-quarter earnings of 62 cents to 64 cents per share and 2009 earnings of $2.48 to $2.54 per share.

St. Jude shares closed at $34.34 on Tuesday on the New York Stock Exchange. They have traded as high as $48.49 and as low as $24.98 during the past 52 weeks. (Reporting by Debra Sherman; Editing by Lisa Von Ahn and John Wallace)

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